Austin, TX – October 24, 2022 – Equity Street Capital (ESC), in partnership with Big V Property Group, is thrilled to announce the acquisition of Southpark Meadows I & II, a retail haven nestled in the heart of Austin, Texas. This strategic move bolsters Big V Property Group’s portfolio, establishing Southpark Meadows I & II as its second-largest shopping center and marking its fifth property venture in the thriving Texan market.
Spanning an impressive 938,103 square feet, Southpark Meadows I & II boasts an enviable location just off Austin’s primary thoroughfare, I-35. The shopping center’s anchor tenants include retail giants Walmart, JC Penney, Target, and Hobby Lobby, creating a vibrant retail hub within Austin’s bustling landscape.
“We are elated to step into the dynamic Austin market with the acquisition of this premium asset,” enthused Jeffrey Rosenberg, President, and CEO of Big V Property Group. “Our partnership with Equity Street Capital and our plans for Southpark Meadows signify our commitment to elevating the retail experience in this rapidly growing region. Establishing fruitful collaborations with key property owners is pivotal to our sustained growth, and we are excited to embark on this transformative journey.”
The acquisition aligns with Big V Property Group’s vision for significant capital enhancements at Southpark Meadows I & II over the coming years. Planned upgrades include the introduction of a state-of-the-art playground and activation area, installation of energy-efficient LED lighting, aesthetic enhancements through painting, parking lot improvements, sanitation and sewer upgrades, a dedicated security office, and extensive landscaping enhancements.
Scott Cozzali, Vice-President of Construction at Big V, emphasized, “Our team is dedicated to enriching the shopping experience at Southpark Meadows. Beyond the physical enhancements, we are particularly thrilled about the creation of a new outdoor playground area, designed to serve the entire community and foster a sense of connection.”
The strategic significance of Austin as a tech powerhouse further amplifies the potential of Southpark Meadows. With a remarkable 92% increase in population within a 3-mile radius since 2020, Austin’s “Silicon Hills” moniker is well-deserved. Home to tech giants like Oracle, Facebook, Google, Dropbox, and Expedia, Austin continues to attract top-tier talent and corporate relocations. Tesla’s relocation and the establishment of their $1 billion Gigafactory in southeast Austin in 2021 further cemented the city’s status as a tech epicenter.
Southpark Meadows’ robust tenant mix, including Walmart, Target (shadow), Hobby Lobby, Rooms to Go, Marshall’s, JC Penney, PetSmart, Ulta, and JoAnn’s, coupled with its strategic location, has earned it the distinction of being the most visited Shop and Service Center in the United States in 2021, drawing an estimated 8.64 million visitors*.
Financing for this venture was secured through a collaboration with a leading Life Insurance Company and Clarion Partners Real Estate Income Fund.
About Equity Street Capital: Equity Street Capital (ESC) is a San Diego-based commercial investment firm renowned for its focus on achieving attractive risk-adjusted returns while maximizing long-term capital appreciation. Founded by real estate investors and entrepreneurs Than Merrill and Paul Esajian, Equity Street Capital is dedicated to providing transformative real estate investment opportunities to it’s investors.